Asian shares are hardly changed as traders focus on Fed meeting
Equities are range-bound ahead of the a Federal Reserve policy meeting, but the expectation the central bank might strike a dovish tone provides support
Tokyo — Asian shares held tight ranges on Tuesday ahead of a Federal Reserve policy meeting, but were broadly supported near six-month highs on expectations the central bank might strike a dovish tone, while fresh Brexit worries dogged the pound. MSCI's broadest index of Asia-Pacific shares outside Japan was flat, easing back from its highest level since September 21 hit earlier in the session. Japan's Nikkei average dropped 0.3%, while Australian stocks eased 0.1%. Chinese stocks held tight ranges, with benchmark Shanghai Composite hovering almost flat, the blue-chip CSI 300 declining 0.2%, and the Hang Seng edging 0.1% lower. All three major US indexes rose overnight, lifted by the bank and tech sectors, with the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite adding between 0.3% and 0.4% each. "Speculators appear to be betting on a rise in stock prices on the back of a dovish Fed," said Masanari Takada, cross-asset strategist at Nomura Securities. "The Fed is ...
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